International Impact of Lehman Posted by Adam Blickstein

Things are obviously bad on Wall Street, but in this global economy, when a global company goes under, it's impact is felt all over:

More than 4,000 City [London] workers lost their jobs today after a US investment bank folded.

Staff were clearing their desks at the Canary Wharf headquarters of Lehman Brothers. Another 1,000 jobs at the bank's offices in High Wycombe are also in doubt...

Sphinx Patterson, 35, said numerous staff were drinking beer in the canteen on the seventh floor of the Canary Wharf skyscraper. He said: "People are walking around in shock. Girls are crying, blokes hugging each other. People don't know what to do." Mr Patterson, from Willesden, who was told his classes had been cancelled, added: "It's not just the high-fliers who are losing their jobs. I spoke to a receptionist and she was packing up her pens."

And not just receptionists at that. Lehman's collapse could negatively impact vulnerable economies struggling at the bottom of the global financial ladder:

The unwinding of failed U.S. bank Lehman Brothers' trading positions in often illiquid emerging markets could prompt further problems for developing economies struggling with a devastating range of issues.

Having been described as "decoupled" or insulated from global financial and economic worries until just a few months ago, emerging markets have been pounded by the impact of rising risk aversion, a U.S. dollar recovery, retreating commodity prices and political stresses such as the Georgia war.

It's really a culmination of chaos, not just in the financial sector, but across the board with global instabilities along various geostrategic fault-lines. And even before the Lehman collapse, investors were already pulling money out of  emerging markets at a historic rate:

Investors have pulled almost $29 billion from emerging- market equity funds this year, the most ever on a net basis, data compiled by EPFR Global, a Cambridge, Massachusetts-based fund research firm, and New York-based Merrill Lynch & Co. show.      

We could be seeing a true twin-global financial crisis, where both those at the top suffer and, because of decreased investment from bigger economies, smaller economies struggle at an equally destabilizing level. And the ones left standing in the best position could be nations with large sovereign wealth funds who have a more stable supply of capital. Though some indications show investment in emerging-markets has hit a bottom, we've heard this phrase continually over the past year in respect to the U.S. housing market and financial sector, yet there really has been no true bottom in sight. As long as the situation remains volatile in the U.S. and in emerging markets, there's going to be a sense of stalemate as individual investor and companies ride out the storm and wait for the global markets to really hit the bottom, if we even know what that will look like.

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